secwatch.observer — SEC 8-K summary
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Issuer:     Stitch Fix, Inc. (SFIX)
CIK:        0001576942
Form:       8-K
Filed at:   2023-01-05T23:59:59+00:00
Accession:  0001193125-23-002459
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 2.05, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Stitch Fix CEO Elizabeth Spaulding steps down; Founder Katrina Lake named interim CEO; workforce cut by 6%
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- CEO Elizabeth Spaulding steps down effective Jan 5; receives 12 months salary and 15 months healthcare in separation.
- Founder Katrina Lake, previously Executive Chair, appointed interim CEO for six months or until successor named.
- New reduction in force eliminates ~6% of total workforce (~20% of salaried positions); estimated $15M-$20M cash charges.
- Company already incurred $18.7M in restructuring charges from prior 2022 plan that cut 15% of salaried roles.
- Lake receives options for 200k shares (150k cliff vesting by Jul 5 or successor date; 50k vest on successor's first day).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1576942/000119312523002459/0001193125-23-002459-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1576942/000119312523002459/d396326d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-002459

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